The consumer price index rose a seasonally adjusted 0.1% in July, according to the Labor Department. Food rose 0.2% while energy fell 0.1%. The core CPI, which excludes food and energy, also rose 0.1%. It may take a while to reach the Federal Reserve’s 2% inflation target.
Marketwatch reports a lot of people who pay taxes quarterly are getting their payments wrong and incurring penalties. These taxpayers often owe estimated taxes because they have income that’s not subject to the same withholding as wages earned by employees. According to the IRS, the number of filers penalized for underpaying estimated taxes rose nearly 40% between 2010 and 2015 to 10 million from 7.2 million. In 2015, the total number of filers owing penalties may have exceeded the number filing estimated taxes, although final results aren’t out yet. Some who paid quarterly taxes may have made mistakes, and others who didn’t pay them should have.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.